Quote from @Alex Brown: Seeking recommendations for a CPA or Tax Strategist who specializes in RE and REPS Status.This post should help:https://www.biggerpockets.com/forums/51/topics/1222774-expla...And none of us is allowed to offer you our services as long as this post is in the tax forum.

The §1245 Silver Lining: Turning Tax "Pain" into Strategic Gain“’That'll be $500,000 in ordinary income.'

@Federico BuenoWith 6 bedrooms, your house hack has huge income potential, and you have multiple ways to maximize cash flow.

My fiancé and I are currently looking to invest in Fl, and have been looking into tax deed sales. 

@Prav Se Unfortunately, profits from real estate flips are typically taxed as ordinary income, not capital gains, because the IRS classifies flippers as dealers engaged in a business.

It doesn't seem like the WSJ released tax guides for 2024 or 2025?

You may be required to make estimated tax payments when the property sells.It depends on what your 2024 total taxes due were and 2025 estimated total taxes / withholding / estimated payments are.If you pay in atleast 90% of the current year tax or 100% / 110%(Depending on 2024 income), you are normally considered good.You may want to consult with an accountant for more clarification.

This means you’ll pay short-term capital gains tax at your regular income tax rate.2.

How are you feeling about filing your taxes this year?

Inheriting it is the best option tax wise- because it gives you a step up in basis to the property's value on that date.